LOS ANGELES — A federal judge Monday granted a request by Ticketmaster LLC to block a software company from making or distributing computer programs used to flood the ticket retailer’s website with orders, beating consumers who log onto the website manually to buy tickets.
U.S. District Judge Audrey B. Collins issued a preliminary injunction against RMG Technologies Inc., barring the Pittsburgh-based firm from buying or facilitating the purchase of tickets from Ticketmaster’s website for the purpose of reselling them.
“We will not allow others to illegally divert tickets away from fans,” Ticketmaster chief executive Sean Moriarty said in a statement.
Housing to continue growth drag NEW YORK — A deepening housing slump probably will be a “significant drag” on economic growth into next year and it will take time for Wall Street to fully recover from a painful credit crisis, Federal Reserve Chairman Ben Bernanke warned Monday in a speech to the New York Economic Club.
Bernanke once again pledged to “act as needed” to help financial markets function smoothly and to keep the economy and inflation on an even keel.
Natural gas plant operating MEEKER — Enterprise Products Partners LP announced Monday that it has begun processing natural gas at the first phase of the partnership’s Meeker processing complex.
The plant can process 750 million cubic feet of natural gas and can extract up to 35,000 barrels of natural gas liquids per day.
Phase II of the complex, which is under construction and expected to be completed in the third quarter of 2008, will double capacity.
KKR retesting bond market NEW YORK — Bankers for Kohlberg Kravis Roberts & Co. met with investors to revive bond sales for First Data Corp. and Energy Future Holdings Corp., formerly TXU Corp., seizing on signs of life in the high-yield debt market.
KKR’s banks sounded out investors Monday on Dallas-based Energy Future’s sale of $7 billion of loans and $4.5 billion of notes. Banks led by Citigroup Inc. are offering as much as $3.75 billion of Greenwood Village-based First Data’s senior bonds to replace a bridge loan used to fund its leveraged buyout.
Oil hits $86 a barrel NEW YORK — Oil prices surged as high as $86 a barrel Monday for the first time after OPEC said crude production by non-member countries is likely falling even as global demand for oil is rising.
Prices were also supported by concerns that Turkish forces will pursue Kurdish rebels into Iraq, disrupting oil supplies, and by technical buying by investment funds.
United joins $10 fare hike CHICAGO — UAL Corp.’s United Airlines on Monday joined the five largest U.S. carriers in raising round-trip fares $10 in response to higher fuel costs.
Delta Air Lines Inc., Continental Airlines Inc., Northwest Airlines Corp. and US Airways Group Inc. adopted the increase last weekend after it was initiated by AMR Corp.’s American Airlines.
$31 billion in T-bills sold WASHINGTON — The Treasury Department auctioned $16 billion in three-month bills at a discount rate of 4.185 percent and $15 billion in six-month bills at a rate of 4.225 percent.
The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,894.21 while a six-month bill sold for $9,786.40.
